News

From STX OSV to VARD

Our partner STX OSV now operate under the new brand name VARD. The adoption of the new name follows the sale of STX Europe’s majority stake in the company to Fincantieri Oil & Gas, 23 January 2013.

The name is derived from the Norwegian word “varde”. It is a small tower of stones used in ancient times as a navigation mark along the coast to guide ships. The name embodies their maritime heritage and long history in shipbuilding. It also signifies their ambition to lead the way in the industry, reflecting VARD’s size, position and goal to be a preferred partner for technologically advanced solutions in the global offshore support vessel market.

Chief Executive Officer and Executive Director of VARD, Roy Reite, said, “I am excited to announce that VARD is now our new company name. It conveys a sense of stability and strength, relevance and flexibility. More importantly, it reflects our long-standing Norwegian heritage, as well as our leading position within the offshore and specialized vessels industry globally. From the very start of the project, the objective was to find a name that is short, solid, innovative and maritime in its tone. VARD met all of these criteria.”

The new company name is currently being implemented across all the subsidiaries of VARD worldwide. A proposal for a new name for the group holding company, STX OSV Holdings Limited, will formally be tabled for resolution at the upcoming Annual General Meeting in April.